Cowen Raises Price target on Nike (NKE) Following Analyst Day

Cowen reiterated an Outperform rating on Nike (NYSE: NKE), and raised the price target to $145.00 (from $140.00), following an analyst day. Management outlined several initiatives to support accelerated growth for the Nike brand, setting a new revenue goal of $50B through FY20 and mid-teens EPS growth. Operational efficiencies gained from innovation, along with integrated category offense executed in each key geography and incremental revenue opportunities in women's, youth, and DTC, is expected to support the path to $50B by 2020.

Analyst John Kernan commented, "Yesterday, NKE hosted a bullish analyst day, initiating new LT targets which reaffirmed our view that the company can accelerate topline momentum and remains a dominant brand with substantial pricing power. We are increasing our estimates and reiterate Outperform. Our PT is raised to $145 from $140, reflecting a P/E of 30x and an EV/ EBITDA of 19x our FY17E."

For an analyst ratings summary and ratings history on Nike click here. For more ratings news on Nike click here.

Shares of Nike closed at $125.84 yesterday.

You May Also Be Interested In

• Incyte (INCY) PT Raised to $105 at Truist Securities
• Eledon Pharamceuticals (ELDN) PT Raised to $7 at Leerink
• Progyny (PGNY) PT Raised to $33 at Truist Securities